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Gold and Oil Markets Report – 06 March 2017

A guest post written by DAR Wong and Chong HC

Gold prices reached USD1263.00 /oz high last week and fell for profit-taking. Market is moving mixed sentiment after President Trump’s speech has created wide division of argument among U.S. politicians. This week, we foresee the trend should be supported at USD1220.00 /oz region and moves sideways but capped below USD1250.00 /oz resistance. Tight range will be expected though some demand will continue to be firm. Breaking below USD1220.00 /oz will begin new correction back to USD1200.00 /oz level.

Crude Oil

WTI Crude prices edge slightly lower last week but overall range was constricted from USD52.00 – USD55.00 /barrel region. Russia and Saudi that lead the OPEC group have promised to implement global supply cut by 1.8 million barrels per day since 2 months ago. On the other hand, U.S. shale drillers have started operations at highest rate in more than year after being tantalized by the rising oil prices. Global Energy Conference will be held in Texas on 6 March for negotiation to avoid a price war. Meanwhile, observe the aforementioned range in case the trend might take a breakout in near future.

Silver

Silver prices reached USD18.460 /oz high last week and fizzled out. Market closed at USD17.960 /oz for the weekend in mixed sentiment. This week, we foresee the range will be trading from USD17.400 – USD18.400 /oz region. Likewise to yellow metal, the Silver may stay firm to sideways till mid-March for the FOMC statement. Current trend in coming week may not have random movement.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed higher on weekly chart. The market rebound are mainly from short-covering as well as overseas purchase due to weak ringgit. On Friday, May contract closed at 2863. This week, we foresee the market is still bullish with the upside potential reaching 2900 and 2950 as our 2 main targets. Support lies at 2800 region.

Dar Wong

This post is contributed by OPF Guest Bloggers, DAR Wong and Chong HC

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 26 years of trading and hedging experiences while HC trades for 7 years and now coaches institutional customers. They can be reached at www.traderpromaster.com

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DISCLAIMER: This post is written for general information only. The author, publisher and/or any third party involved in the distribution of this work assume no legal responsibilities and shall have no liability whatsoever for any direct or consequential losses, costs or expenses arising from the use of the information contained herein.

 






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